In the wake of robust domestic and global signals, the Nifty50 initiated the day on a strong footing and steadily bolstered its gains to conclude at 19,675.45, marking an ascent of 231.90 points, as reported by Aditya Gaggar, Director of Progressive Shares.
All sectors concluded the day in positive territory, with Realty, IT, and Auto emerging as the top performers. The broader markets displayed a mixed trend, with Smallcap outperforming while Midcap slightly lagged behind, Gaggar noted.
Looking ahead, Gaggar pointed out that the next significant hurdle for the Index is positioned at 19,840, with a robust support zone safeguarding the downside at 19,550-19,580.
Vinod Nair, Head of Research at Geojit Financial Services, observed that the market's substantial gap-up surge was in response to favorable global cues, particularly the softer-than-expected inflation data from the US and UK. This development underscores the optimism surrounding a potential conclusion to the interest rate cycle, evident in the ease in bond yields.
Nair anticipates increased Foreign Institutional Investor (FII) inflows into emerging markets, a positive prospect for India, given the ongoing favorable earnings season and the upswing in festive demand. The mood was further buoyed by a decline in Consumer Price Index (CPI) for India. The market rebound was broad-based, with sectors like IT, realty, oil & gas, metal, and auto leading the recovery.
(With Agency Inputs)
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